NN (NNBR) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of NN (NASDAQ:NNBR) from a buy rating to a hold rating in a report issued on Thursday morning.

According to Zacks, “NN, Inc. is an independent manufacturer and supplier of high quality, precision steel balls and rollers to both domestic and international anti-friction bearing manufacturers. Precision steel balls and rollers are critical moving parts of anti-friction bearings used in a wide variety of automotive, industrial and other applications. NN also manufacturers a full line of precision injection molded components serving the bearing, automotive, instrumentation, fiber optic and consumer hardware markets. (PRESS RELEASE) “

A number of other equities analysts also recently issued reports on NNBR. ValuEngine downgraded NN from a strong-buy rating to a buy rating in a research note on Friday, December 1st. BidaskClub downgraded NN from a hold rating to a sell rating in a research note on Tuesday, December 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. NN currently has an average rating of Hold and an average target price of $32.50.

NN (NNBR) traded down $0.35 during mid-day trading on Thursday, hitting $25.05. The stock had a trading volume of 65,600 shares, compared to its average volume of 97,292. The stock has a market cap of $690.71, a P/E ratio of -27.91 and a beta of 0.66. NN has a 52-week low of $19.35 and a 52-week high of $32.90. The company has a current ratio of 3.16, a quick ratio of 2.72 and a debt-to-equity ratio of 1.80.

The company also recently declared a quarterly dividend, which will be paid on Friday, March 2nd. Stockholders of record on Friday, February 16th will be paid a $0.07 dividend. The ex-dividend date is Thursday, February 15th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.12%. NN’s dividend payout ratio (DPR) is currently -30.77%.

In other news, Director David Floyd purchased 1,865 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were purchased at an average cost of $26.98 per share, for a total transaction of $50,317.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.80% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its holdings in NN by 0.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 21,090 shares of the industrial products company’s stock worth $579,000 after purchasing an additional 126 shares during the period. Teachers Advisors LLC raised its holdings in NN by 1.5% in the 2nd quarter. Teachers Advisors LLC now owns 49,164 shares of the industrial products company’s stock worth $1,350,000 after purchasing an additional 706 shares during the period. California Public Employees Retirement System raised its holdings in NN by 2.2% in the 2nd quarter. California Public Employees Retirement System now owns 82,800 shares of the industrial products company’s stock worth $2,273,000 after purchasing an additional 1,800 shares during the period. Voya Investment Management LLC raised its holdings in NN by 20.0% in the 2nd quarter. Voya Investment Management LLC now owns 12,222 shares of the industrial products company’s stock worth $335,000 after purchasing an additional 2,037 shares during the period. Finally, Driehaus Capital Management LLC raised its holdings in NN by 2.1% in the 4th quarter. Driehaus Capital Management LLC now owns 152,339 shares of the industrial products company’s stock worth $4,205,000 after purchasing an additional 3,132 shares during the period. 92.29% of the stock is currently owned by institutional investors.

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About NN

NN, Inc is a diversified industrial company and a global manufacturer of high precision components and assemblies to a range of markets on a global basis. The Company’s operating segments include: the Precision Engineered Products Group and the Autocam Precision Components Group. Precision Engineered Products Group combines materials science capability with engineering and production solutions to design and manufacture a range of high-precision metal and plastic components, assemblies and finished devices for the medical, electrical, automotive and aerospace end markets.

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